Corebridge Real Estate Investors, ACD's Jarrett Armstrong Form Programmatic JV With $36M Raleigh Retail Acquisition
Corebridge Real Estate Investors and ACD have launched a programmatic joint venture with the $36 million acquisition of Townridge Shopping Center, a 273,105-square-foot open-air retail center in northwest Raleigh, North Carolina, the firms announced Aug. 17, 2026.
The deal closed Aug. 10, 2026, and marks the inaugural acquisition for the partnership. ACD, led by Co-Founder and CEO Jarrett Armstrong, will serve as operator of the joint venture, while Corebridge Real Estate Investors provides institutional capital. James Black, Head of U.S. Multifamily and Retail Investments at Corebridge Real Estate Investors, identified the transaction as central to the firm's retail strategy.
Transaction Details and Financing
The property, located at 6500–6602 Glenwood Avenue and 4208–4112 Pleasant Valley Road in Raleigh, NC 27612, traded at approximately $131 per square foot. Seller Zeisler-Morgan Properties was represented by JLL Capital Markets. Acquisition financing consisted of a $26.5 million loan from PNC Bank, arranged by JLL.
Townridge Shopping Center comprises six buildings — five at the main Townridge site and one at the adjacent Village at Townridge, which functions as a unified commercial site — spread across 30.19 acres. The property was built in 1980 and was 96% leased at the time of sale. Year-one net operating income is projected at approximately $2.37 million, implying a going-in cap rate of roughly 6.6%. The venture projects a five-year NOI compound annual growth rate of 4.4%, with roughly 95% of leased space currently below market rent and projected NOI growth of approximately $930,000 over four years.
Asset Profile: Walmart-Anchored, Necessity-Oriented Retail
Walmart serves as the primary anchor tenant. Planet Fitness functions as a fitness anchor. Additional national-brand tenants include Chipotle Mexican Grill, Advance Auto Parts, Cato, AT&T, Burger King, Edible Arrangements, and Papa John's Pizza, among others — a tenant mix concentrated in discount, quick-service restaurant, auto parts, wireless, and fitness categories.
The property sits at the intersection of Glenwood Avenue and Pleasant Valley Road, inside Raleigh's I-540 beltline, at one of Wake County's highest-traffic intersections along a primary commuter arterial connecting Raleigh, Durham, and Research Triangle Park. The three-mile trade area has an average household income of approximately $134,000 and a population of nearly 80,000.
"Townridge combines a dominant anchor, an irreplaceable location, strong surrounding demographics, embedded rental growth potential and exposure to one of the most dynamic metropolitan areas in the Southeast," said Mark Hertz, Managing Director and Head of U.S. Originations at Corebridge Real Estate Investors. "We are excited to re-enter the retail sector with an asset that offers both current income and multiple avenues for long-term value creation."
Joint Venture Structure and Strategic Rationale
The joint venture is structured with ACD Fund V, LP — a GP co-investment vehicle focused on essential commercial real estate including anchored retail, small-bay industrial, and self-storage assets — as the operating entity. Corebridge Real Estate Investors provides the institutional investment platform.
"The opportunity to partner with Armstrong Capital Development on Townridge aligns with our strategy of investing alongside experienced operators with deep sector expertise," said James Black. "We believe Armstrong's retail development capabilities, combined with CREI's institutional investment platform, create a strong foundation for value creation."
Jarrett Armstrong framed the partnership as a platform-level milestone. "This joint venture represents an important step in the continued evolution of our platform," Armstrong said. "Corebridge is a highly regarded institutional partner, and we share a common investment philosophy centered on high-quality assets, strong market fundamentals and long-term value creation. We believe this partnership positions us to scale our strategy and capitalize on compelling opportunities across our target markets, delivering attractive risk-adjusted returns for our investors."
About the Partners
Corebridge Real Estate Investors is the real estate equity investment management division of Corebridge Financial (NYSE: CRBG). As of March 31, 2026, Corebridge Real Estate Investors manages an $8 billion portfolio totaling approximately 35 million square feet. Parent company Corebridge Financial reported more than $390 billion in assets under management and administration as of June 30, 2026.
Armstrong Capital Development is a vertically integrated real estate investment and operating company founded in 2005. The firm focuses on the middle market, concentrating on anchored retail, small-bay industrial, and self-storage assets.